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Deductions & credits
Hi @karen, thanks for your reply. I'm not sure this explains my situation.
Per the return generated by TurboTax, I have a federal tax liability of $6,863 (line 12a). I receive a $4,000 child tax credit, and am claiming an $1,875 credit for my Chevy Bolt purchased in 2019 (per the IRS table), totaling $5,875 in credits (line 13b). I therefore have $988 remaining in federal tax owed (before self employment tax) after the full $1,875 is credited. Should I not be able to claim the entire amount of the electric vehicle credit? Turbo tax is currently saying I can only claim $469 of the $1,875 credit.
I note that $469 is an even 25% of $1,875, and that $1,875 itself is 25% of the maximum tax credit of $7,500... does that signal something, or just a coincidence?
Thoughts?